Pepsi-Cola Products Philippines Inc. has received regulatory approval from the Philippine Stock Exchange (PSE) on its decision to delist.
“The delisting shall be effective as of the end of business on 18 December 2020, subject to the payment of the voluntary delisting fee,” the company said.
The delisting follows the completion of the tender offer for the remaining 2.1 percent publicly-owned shares by its mother company, Korea’s Lotte Chilsung Beverage Co. Ltd., at P1.95 apiece, held between September 16 and October 13, 2020.
The tender offer follows a similar offer to buy publicly-owned Pepsi shares, also by Lotte, early this year at a similar price.
The local bottler of Pepsi products has 3.69 billion outstanding shares of stock, of which only 33.86 million are in the public’s hands.
Under the PSE rule on minimum public ownership, the company has to maintain a 10 percent minimum public float in order to remain listed.